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Managing Unfunded Partner Retirement Plans: Now's The Time To Consider Alternatives
Partnerships often provide supplemental retirement benefits to their partners. These plans were established many years ago, and in many cases, do not achieve many of the business objectives for the modern law firm.
Financially, firms do not typically set aside dedicated assets to meet these obligations. Thus, the obligations are actually passed from one generation of partners to the next, akin to the Social Security financing system, whereby active partners' earnings are diminished each year to fund the supplemental pension payments to already retired members. The dramatically increasing ratio of retired to active partners ' exacerbated by baby boomer demographics and the longer life spans of retirees ' has created enormous financial liabilities and sparked real questions of intergenerational equity within firm ranks.
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New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
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The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
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